Well-defined and transparent corporate governance provides a structure for responsible, value-oriented performance and supervisory functions of the company. Corporate governance is an imperative that works for the benefit of Fortum's shareholders, financial markets, business partners, employees and the public. The Board of Directors' and the President and CEO's responsibility for the administration and management of the company is regulated in the Finnish Companies Act, which is supplemented by the Finnish Corporate Governance Code.
Corporate Governance Statement
Fortum Corporation's shares (FORTUM) have been listed on Nasdaq Helsinki since 18 December 1998. Fortum's industrial sector, according to the Global Industry Classification Standard, is Electric Utilities. The State of Finland is the majority owner in Fortum with 50.76% of the shares as at 31 December 2016.
Corporate governance at Fortum is based on Finnish laws and the company’s Articles of Association. Fortum complies fully with and has prepared this corporate governance statement in accordance with the Finnish Corporate Governance Code 2015, which is available on the website of the Securities Market Association www.cgfinland.fi.
The corporate governance statement is issued separately from the Operating and Financial Reviw, and it has been reviewed by the Audit and Risk Committee of Fortum's Board of Directors.
Fortum prepares consolidated financial statements and interim reports in accordance with the International Financial Reporting Standards (IFRS), as adopted by the EU, the Finnish Securities Markets Act as well as the appropriate Financial Supervision Authority’s regulations and guidelines and Nasdaq Helsinki rules. The company’s operating and financial review and the parent company financial statements are prepared in accordance with the Finnish Companies Act, Accounting Act, Securities Markets Act, and the opinions and guidelines of the Finnish Accounting Board. The auditor’s report covers the operating and financial review, consolidated financial statements and the parent company financial statements.